Ms Elizabeth Arnett:

I thank Ms Howard. One of the committee members raised the point of the customer protection code and how it comes into play in the announcement and communications that we have right now. It is important to say that we would prepare for any of these types of announcements on a scenario basis so that we are ready to engage very quickly with customers to ensure that, in line with the code, we are acting very fairly and communicating very professionally and honestly, etc. The code specifies very clearly the sort of standards that the Central Bank would expect in our communications with customers. In preparing for any of a range of announcements, that clarity is extremely important, as is being very clear with customers from the get-go that, today and in the immediate future, there is no change in respect of the services we are providing to customers. If a person is, for example, under offer for a mortgage and about to sign off for a new home etc., then that product is still available to him or her. That continuity beyond the announcement is there for customers, which is of great importance. No action needs to be taken immediately on that.

Equally, on Friday we commenced a process of proactive outreach to vulnerable customers. This is something we have done quite a bit during the Covid-19 period and have become quite efficient at because of everything that has happened in recent months. We commenced that process because one of the things that always concerns us is frauds and scams. It is very important we have begun that outreach to customers because, with the best will in the world, when it comes to emailing or writing letters directly to a million customers, it takes about a week for that kind of activity to drop, which is really pushing it. Over the weekend we put some adverts in the broadsheet newspapers with that very clear customer message. The vulnerable customer outreach activity of is of great importance to the activity we have and will continue along that vein. When there is information, we will proactively engage with customers in the clearest way we can, especially paying extra attention to our vulnerable customers.